Tag Archives: Tax

Heavy traders may assume they’ll owe no capital gains tax if their losses and gains even out. But then they stumble across the wash sale rule. At the height of the pandemic born meme stock boom in 2021, the 50-something investor tried his hand as a day-trader, rapidly buying and selling stocks such as AMC Entertainment. In the end, he …

IRS, White House clashed over immigrants’ data before tax chief was ousted  The Washington Post Trump Is Removing Billy Long as the I.R.S. Head 2 Months After He Was Confirmed  The New York Times Trump removes Billy Long as IRS commissioner, giving him the shortest-ever tenure in the role  Federal News Network IRS begins sharing sensitive taxpayer data with immigration authorities to find …

The Trump administration’s crackdown on renewable energy is just getting started. The best time to start building a new solar project was yesterday, and each passing day raises the risk of crippling new costs. The OBBBA mandated wind and solar tax credits be phased out much more quickly than was previously planned. Other restrictions quickly followed, including a requirement that …

A $715 billion tax cut turns into a $4.5 trillion sales job  Politico What $4 trillion in debt from Trump’s spending measure could mean for future generations  ABC News CBO projects ‘big, beautiful bill’ would add $5 trilllion to deficit if temporary tax cuts extended  The Hill Effects on Deficits and the Debt of Public Law 119-21 and of Making Certain Tax Policies …

LINCOLN, Neb. (AP) — Rep. Mike Flood has gotten an earful during a public meeting in Lincoln aimed at discussing his support for the massive tax breaks and spending cuts bill that passed Congress and was signed into law by President Donald Trump. Flood, a second-term Republican who represents the GOP-leaning district that includes the University of Nebraska, on Monday …

Trump ends international tax loophole: What it means for consumers, businesses  Axios Trump ends de minimis exemption for global low-cost goods  CNBC US ends tariff exemption for all low-value packages  Reuters FedEx and UPS Shares Fall After White House Sets End Date for ‘De Minimis’ Rule  The Wall Street Journal Trump closes key trade loophole, impacting Shein, Temu orders  USA Today Source link

Colorado lawmakers must cut about $1 billion from the state budget for the current fiscal year, which began July 1, to address tax revenue reductions caused by the federal spending bill passed by Republicans in Congress earlier this month.  Nonpartisan Legislative Council Staff and the Governor’s Office of State Planning and Budgeting told top state legislators Wednesday that the so-called …

Joel Friedman, 71, wants nothing more than to sell the house he’s called home for more than 30 years. The five-bedroom, 5,000-square-foot southern California home is too big for Friedman and his wife, Kathryn, who are retired empty-nesters. They’re eager to downsize to a smaller, single-story house in a 55+ community where they won’t have to worry about endless yard …

Republicans Begin Effort to Sell Tax Law in Trump Policy Bill to Las Vegas Voters  The New York Times House Ways and Means Committee Holds a Field Hearing on the Republican Tax and Spending Bill  C-SPAN Congressional Republicans hail ‘big beautiful bill’ in Las Vegas hearing; Democrats skeptical  Las Vegas Review-Journal Vegas Workers Laud Tax Breaks On Tips, OT At Hearing  Law360 Showtime in …

WASHINGTON — Some top Republicans are regretting that they inserted a tax hike on gamblers into President Donald Trump’s megabill, with several lawmakers who supported the legislation now calling for rolling back that policy. Rep. Jason Smith, R-Mo., the chair of the tax-writing House Ways and Means Committee, told NBC News that the provision was a “mistake” and needs to …